March 20, 2015
Dear Girl Friends Fund Members,
The Board of Directors of The Girl Friends Fund, Inc. is pleased to announce that GF Pamela J. Boone (Boston) has been elected by the Board of Directors as The Fund’s Treasurer effective Wednesday, March 18, 2015 through June 30, 2015. GF Pam is exceptionally qualified in this role. She received an MBA from the Wharton School of Business, is as a CPA and Senior Vice President of Capital Markets Accounting at State Street Bank.
The election of GF Pam occurred as the result of the resignation of previous Fund Treasurer, GF B. Stephanie Commander, on Wednesday, March 18, 2015.
I am pleased to report that The Fund is in very good financial standing:
- Our new Treasurer, GF Pamela J. Boone, completed a full audit of FY 2014. All funds were accounted for in the audit.
- As the result of your support, that of non-members and corporations and prudent financial decisions, we are positioned to transfer all funds committed to our current scholars ($106,500) into a designated account. This achievement is significant as it will ensure that scholarship award decisions are made in a fiscally responsible manner. Beginning with awards announced in Las Vegas, award decisions will be based each year on the available funds at the time of the decision (April), less projected expenses for the following year. When awards are made, the committed funds can be set aside.
- The GF Esther C. Marioneaux Endowment Fund has shown growth of $3,549.86 since it was transferred to Ameriprise Financial in November, 2014. Our Investment Policy reflects our purposefully conservative investment strategy. We chose a conservative strategy to protect the principle investment and, at the same time, allow growth. Our financial advisor, William A. Bagby, will attend the General Meeting in Las Vegas (at no cost to The Fund) in hopes of persuading us to increase our risk a bit, thereby increasing our profit margin. Please come and hear his proposal!
- The Fund secured a $5,000 donation from EMC Corporation. This is the largest corporate donation we have secured to date. Much to our delight, EMC has expressed an interest in recruiting our scholars for summer jobs.
We look forward to sharing the details of our achievements, financial and otherwise, at our Annual Meeting on Thursday, May 14th at 3 pm in Las Vegas. We encourage you to attend!
Please call or email me with any questions.
In Service and Girl Friendship,
GF Cindy Carter Cole, President
On Behalf of The Girl Friends Fund, Inc. Board of Directors